The electric vehicle (EV) market in India is witnessing gradual growth as consumer awareness about environmental preservation increases. While the country still has a long way to go in terms of establishing the necessary infrastructure to support widespread adoption of electric cars, there is growing optimism about the potential for more EVs on the roads. Particularly noteworthy is the emergence of a ride-hailing platform in Delhi and Bangalore that exclusively operates electric vehicles.
In a recent episode of the “I Did It My Way Podcast,” Punit Goyal, co-founder and Chief of Fundraising at BluSmart, shares insights into the company’s growth plans and its perspective on the EV ride-hailing market. BluSmart, India’s largest electric vehicle ride-hailing service, has already raised approximately $150 million from venture capitalists and is now poised to expand its business in sync with the overall market growth.
BluSmart, which currently operates 5,000 EVs, aims to leverage its success by attracting both drivers and customers. Its journey began in 2018 when Punit Goyal, fresh from the US, conceptualized the idea of a comprehensive EV ride-hailing service integrated with an EV charging network. Recognizing the importance of energy infrastructure in enabling widespread adoption of electric mobility, Goyal and his co-founder Anmol Jaggi embarked on extensive research and analysis of the EV industry.
BluSmart’s growth strategy encompasses market expansion, including plans to enter Mumbai, India’s financial capital. Furthermore, the company aims to scale up its fleet to 10,000 EVs by the end of the fiscal year. To support these ambitious objectives, BluSmart has secured funding from various sources. Angel investors initially backed the project, acknowledging Goyal and Jaggi’s track record in previous ventures. Subsequently, BluSmart attracted institutional investors from the US and the UK, including BP Ventures, which recognizes the inevitability of the global energy transition towards electric mobility.
As the Indian EV market continues to evolve, BluSmart’s innovative approach to ride-hailing services fueled by electric vehicles demonstrates a commitment towards sustainable transportation. With its focus on expanding into new markets, increasing its fleet size, and securing funding from renowned investors, BluSmart is poised to play a pivotal role in shaping India’s electric mobility ecosystem.
Frequently Asked Questions (FAQ)
When was BluSmart founded and what is its current scale?
BluSmart was founded in 2018 and currently operates approximately 5,000 electric vehicles in Delhi NCR and Bangalore.
What are BluSmart’s plans for market expansion?
BluSmart intends to enter Mumbai, along with its existing operations in Delhi NCR and Bangalore, making it the third city where the company offers its services.
How does BluSmart attract funding for its growth?
BluSmart has successfully raised funds from angel investors, as well as institutional investors from the US and the UK. Notably, British Petroleum Ventures is one of the investors that recognizes the future potential of electric mobility.
What is BluSmart’s target fleet size?
BluSmart aims to expand its fleet to 10,000 electric vehicles by the end of the fiscal year.
How does BluSmart differentiate itself in the market?
BluSmart stands out by exclusively utilizing electric vehicles for its ride-hailing platform, emphasizing its commitment to sustainable transportation and reducing carbon emissions.
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